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If finance co denies loan, does dealer have to return deposit

Asbury Park, NJ |

I attempted to get a loan on a car, left $800 deposit, if loan was denied, does the dealer have to return my deposit?

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Attorney answers 2


Probably. Depends on the contract and what the money was for. Was it a deposit or an application fee, for example


Did you sign a contract with the dealer to buy a car? Was your purchase of a car contingent on your getting a loan? You should consult with a lawyer and have all written agreements that you and the dealer signed for your lawyer to review.

This response is for general education purposes only and does not constitute legal advice or create the establishment of an attorney-client relationship.